Property prices in Dubai 'accelerating': Tameer chief

Company looking at launching new residential projects

Tameer, who have started handing over units in the Princess Tower and Elite Residence - the world’s tallest and third tallest residential towers - says the property market in Dubai is on the recovery path and prices are accelerating.

“The market is really entering into a new positive cycle. The market has been experiencing growth since beginning of this year and prices have accelerated with demand high for properties in good location,” said Tameer President Federico Tauber.

“We have a land bank in Dubai… we are analyzing the market. We have plans to launch more projects.”

The two skyscrapers are located in Dubai Marina.

Speaking to Emirates 24l7, Tauber said the company has no plans to launch any villa development but will only look at residential hi-rises.

“Tall towers are efficient for the developers and so it might be.”

Tameer has handed over 150 apartments out of the 763 in 414-metre Princess Tower. It expects to complete the process by December.

“From our side we are 100 per cent ready to handover. We have dedicated 30 people for the purpose and we want to handover the units by December. Besides, people are now eager to take possession as they can rent their units easily.”

Prices on rise

Tauber says prices in the tower have shot up by 20 per cent as the building neared completion. Currently, the average prices range between Dh1,200 and Dh1,400 per square feet.

“Princess Tower is 98 per sold. We have two per cent inventory left with us. We were waiting for the handover to commence and now will sell them.”

Dubai Marina has been one of the most popular areas with the highest number of transaction being reported followed by Downtown Burj and Palm Jumeirah.

Asteco, a real estate consultancy, said in July apartments in Downtown Dubai, Dubai Marina and Palm Jumeirah remained most popular among buyers, witnessing price increases of nine per cent to Dh12,900 per square metre, eight per cent to Dh10,750 per square metre and eight per cent to Dh14,000 per square metre, respectively, in the second quarter compared to first quarter 2012.

According to Tameer, 90,000m3 of concrete and 19,500 tonne of steel have been used in the building the Princess Tower, while it took over 17 million man hours for completing the tower. There are 13 elevators, with the elevator speed being six metres per second.

Tauber revealed the company had appointed a new contractor for its Imperial Residence in Jumeirah Village South and will soon have a new contractor on board for Tameer Towers on Reem Island, Abu Dhabi, as well.

“We have appointed a new contractor for Imperial Residence and the units will be completed in 15-month time. We are working on selecting a new contractor for Tameer Towers, but we haven’t decided when we will launch the project,” he informed.

Imperial Residence will have 510 units, while Tameer Towers will comprise 1,050 units.